Foreign Exchange Broker Gets 8-Year Ban For Stealing Funds

Law360, London (March 12, 2020, 5:52 PM GMT) -- A U.K. foreign exchange broker has been banned from running a company for eight years after he siphoned off $1.3 million in customer deposits to buy two properties in Dubai, a government agency announced Thursday.

The Insolvency Service said it discovered that Ehsan Tayefi had ordered Numex Foreign Exchange Corporation (UK) Ltd., where he was director, to buy two apartments in Dubai in a relative's name after Numex entered liquidation in 2019.

Numex had been using a foreign exchange platform provided by an unnamed major bank to buy foreign currencies on behalf of Numex’s customers. When the lender gave Numex a...

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